New York-based multi-state operator (MSO) Columbia Care (NEO:CCHW) will expand a test program allowing purchases with a credit card in its dispensaries in the US.
On Thursday (June 13), the MSO confirmed it will begin accepting credit card payments across all its operations from buyers who have a credit card under its Columbia National Credit program (CNC Card).
The program first made an appearance with an initial soft launch in New York in 2018. Now it will be offered in Delaware and Pennsylvania, with Illinois and Arizona following before the end of June.
Consumers can apply for Columbia Care’s credit card, which offers an annual percentage rate of between 15.99 and 24.99 percent with no annual fee. Columbia Care plans to make its credit card program available to all its dispensaries by the end of 2019.
While the firm indicated that at first this program will only be available in its own stores, Columbia Care plans to explore options to expand the reach of the program through partnerships.
According to the firm, the first version of the program in New York boosted the “average basket size for in-store purchases” by 18 percent.
“Based on our success in New York … we are confident that the CNC Card has the potential to be a significant value add for the company and for all of our customers who look to us for reliable and convenient high-quality health and wellness options,” Nicholas Vita, CEO of Columbia Care, said in a press release.
The executive said consumers prefer to pay with credit cards. The CNC Card program will offer consumers benefits such as discounts, cash back programs and access to exclusive offers.
Shares of Columbia Care dropped in Thursday’s trading session following the announcement. The company closed at a price of C$7.75, representing a 1.4 percent decline for the day.
Columbia Care kickstarted a stream of US marijuana firms reaching the public markets in Canada through the Toronto-based NEO Exchange.
The firm debuted, according to the exchange, as the first C$1 billion valued company on the NEO Exchange in April.
“This is an exciting time to be partnering with a leader in the US cannabis sector as it moves into its next phase and looks to raise capital on the North American public markets,” said Jos Schmitt, president and CEO of the NEO Exchange, at the time.
In May, shares of the MSO were added to the brand new Horizons US Marijuana Index ETF (NEO:HMUS), run by Horizons ETFs Management (Canada), by way of a unique “fast entry” rule; this allowed the stock to skip past waiting for a regular addition in one of the fund’s quarterly rebalances.
The company recently reported revenue totals of US$39.3 million for its full 2018 year. So far in 2019, the firm has reported revenue of US$12.9 million in Q1 with a net loss of US$25.1 million, attributed to higher operating expenses.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.
Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.
The Board of Directors of Aphria Unanimously Recommends Shareholders Vote “For” the Arrangement
Aphria to Host Special Meeting of Shareholders on Wednesday, April 14, 2021 to Approve Proposed Aphria-Tilray Business Combination
Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), one of the UK’s leading CBD and Hemp product suppliers, announces that as part of the equity fundraise announced yesterday, Antony Calamita and Andrew Male, Directors of the Company, subscribed for 285,714 Ordinary Shares and 1,428,571 Ordinary Shares respectively. The subscriptions are at a price of 3.5 pence per ordinary share for a total of £60,000. Following these subscriptions, Antony Calamita is now interested in 54,385,714 Ordinary Shares, representing 8.61% of the Company’s share capital as increased by the fundraising, and Andrew Male is now interested in 6,138,196 Ordinary Shares, representing 0.97% of the Company’s issued share capital as increased by the fundraising
Further, the timetable for receipt of applications under the Broker Option, which was also announced yesterday, has been extended until 5:00 pm 9 April 2021 to capture additional interest which was unable to be completed yesterday.
Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, would like to provide the following dial-in information for the Company’s upcoming Annual and Special Meeting (the “Meeting”) scheduled to be held at 11:00 a.m. Eastern Daylight Time on April 12, 2021. Shareholders and proxyholders may access the Meeting via teleconference by dialing 647-723-3984 or 1-866-365-4406 from Canada or the United States, then entering participation code “8487744” followed by the pound (“#”) sign.
In consideration of the COVID-19 pandemic and the recent restrictions imposed by the Ontario Provincial Government, shareholders and proxyholders will only be able to attend the Meeting via teleconference and will not be permitted to attend the Meeting in person at the address provided on the Notice of Annual and Special Meeting of Shareholders.
Gage Cannabis Announces Exclusive Partnership With Blue River to Bring Award-Winning Cannabis Extracts to Michigan
Gage Growth Corp. (“Gage” or the “Company”) (CSE:GAGE), a leading high-quality craft cannabis brand and operator in Michigan, announced today that it has signed an agreement with Blue River™ Extracts & Terpenes (“Blue River™”) to bring the brand’s award-winning solventless technology and other trademark branded products to the state’s medical patients and cannabis consumers. The Company will have exclusive rights to Blue River™’s premium product offerings in Michigan.